Under a three-year short-term contract, the land – covering an area of 7,320 square metres – is leased at a rate of of HK$1.5 million per month. It was set to be returned to the government on October 31.

The deal took several months as the process was confidential, according to a press release from the companies: “We have been completely focused on executing the necessary arrangements needed in order to bring the business model together [to] ensure the project’s enduring success,” it read.

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